DLF has informed that by notification dated October 08, 2015, it was notified to the Stock Exchanges that the Board of Directors of the Company has approved the proposal for promoter group companies namely Rajdhani Investments & Agencies Private Limited, Buland Consultants and Investments Private Limited, Sidhant Housing and Development Company (‘CCPS Holders’) to sell 159,699,999 Cumulative Compulsorily Convertible Preference Shares (‘CCPS’) of DLF Cyber City Developers Limited (‘DCCDL’) (which would result in 40% equity shareholding in DCCDL upon conversion of the CCPS) to unrelated third party investor(s) (the ‘CCPS Sale Transaction’) subject to certain conditions; and in view of the timelines of the CCPS Sale Transaction and based on the recommendations of the Audit Committee, the CCPS Holders have conveyed to the DCCDL Board and the Company that they are agreeable to defer conversion of the CCPS until March 18, 2017 on the same terms and conditions i.e. coupon rate of 0.01% per annum. The Company as the 100% equity shareholder of DCCDL has granted its consent for the said extension. The Company is accordingly intimating the stock exchanges about the above decision of the Board of Directors of the Company.
The above information is a part of company’s filings submitted to BSE.
